North Sea

1) Poker, North Dakota style. Using a logic that only an industry trade association could understand, the US state of North Dakota has announced plans to close $50m/year in loopholes to oil and gas. Great! End subsidies that make no sense, such as lower taxes on low production "stripper" wells that have been exploited by nearby activities producing at much higher rates. But no reform is free, so the state officials are offering reduced tax rates on oil and gas in return. The rub: the reductions will cost the state an estimated